Gateway Distriparks has entered into a share purchase agreement to sell its entire stake of 40.25 per cent in Snowman Logistics to Adani Logistics for a consideration of Rs 295.92 crore.
Snowman is the largest cold chain provider in India and provides integrated temperature-controlled warehousing transportation and distribution services. The transaction will be completed on or before March-end next year. HDFC Bank was the exclusive financial advisor to Gateway Distriparks for the transaction.
"The company will be focusing its activities in the container logistics business and will use net proceeds from this sale towards reduction of debt," said Chairman and Managing Director Prem Kishan Gupta.
Gateway Distriparks is a major logistics company with three verticals: container freight stations, inland container depots with rail movement, and cold chain storage and logistics.
At 12:30 pm on Monday, its stock was trading at Rs 117.50 apiece, up 7.06 per cent.